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Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
 Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and more resilient than that of ordinary steel mills, whose products are commoditised.
Chinese steel mills suffered razor-thin margins in 2011-2013, due to limited bargaining power in raw material costs and industry-wide overcapacity. The per ton profit margin of ordinary steel products, mainly rebar and wire rods used by construction industry, dropped to below CNY150 during the bottom of the industry cycle in 2011 from close to CNY300 in 2010, and has remained around this low level since.
Based on discussions with industry participants, Fitch has found that the metal spread per ton could be more than CNY400 for certain high-end special steel products for specific clients, which is significantly higher than ordinary steel.
Although there has been a mild margin increase in 2014 due to lower iron ore and coking coal prices, the fundamentals of Chinese steel mills, especially the small and mid-scale companies with low value-added products, are still weak.
Special steel products are different from ordinary steel in terms of chemical composition and mechanical properties. The prices of special steel products, such as bearing steel and large molded ingots, are more of a function of quality control, tighter tolerance and finer processing than the steel alloy content. The production of special steel requires more advanced technology and production facilities, relatively long production periods and large capital investment.
The prices of mid- to low-end special steel products still move in line with industry-wide price changes, which impacts Chinese special steel producers who mainly make low- to mid-end products. However, the prices of high-end products are much less volatile because they are used in high-tech or high-margin downstream industries, such as marine engineering, high-end auto production, high-speed rail and even national defence.
The Chinese steel industry has potential to move further up the value chain. In developed countries, the special steel industry developed rapidly once the traditional steel industry reached a mature stage. As at end-2013, special steel production accounted for only 6.1% of China's total crude steel output, while the same ratio was 55.0% in Sweden, 22.5% in Germany and 18.8% in Japan.
Buyers of high-end special steel products usually have specific requirements and typically will sign contracts with producers that include a negotiated price and a certain portion of prepayments, both of which are positive for the producer's profitability and cash flow position. Special steel makers' profitability, especially for high-end producers, has the potential to rise above the steel industry average. In the Chinese government's development blueprint for the five-year period to 2015, high-end special steel products have been categorised as refined products under the steel industry, which means that the segment would receive government support. At the same time, the enormous scale and rapid development of China's automobile and engineering machinery industries will underpin demand for special steel.
The key risks to the special steel industry include 1) weaker demand due to slower-than-expected economic growth, 2) faster-than-expected special steel production expansion that will generate overcapacity in the coming years, and 3) volatility in prices of commoditised steel products, which will impact prices for low- to mid-end special steel products.
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Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.2 ...
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- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- White Energy Company Limited
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
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